The Sienna Network interconnect has activated Bitcoin (BTC) and Monero (XMR) trading pairs on a decentralized exchange, giving users the ability to privately trade two of the world’s most popular cryptocurrencies.
With immediate effect, users of the privacy-focused SiennaSwap DEX will be able to exchange BTC and XMR for their own Sienna protocol token, Evangelical Church President Monty Manford confirmed to Cointelegraph. He said the decision to merge Bitcoin and Monero transactions followed “more requests for additional return options” from both communities.
Siena’s infrastructure is built on a secret network, a dedicated blockchain that supports private transactions, but, perhaps equally importantly, does not support trading technologies based on anonymity. Regulators have cast a shadow over cryptocurrencies that offer increased anonymity, and several exchanges moved earlier this year to remove the privacy-focused cryptocurrencies XMR, Zcash, and Dash.
As part of its mandate, Sienna Network strives to provide an environment in which cryptocurrency transactions remain private without the additional stigma and regulatory implications of anonymity.
Since its launch on October 7, SiennaSwap has cumulative trading volume of over $ 254 million, further highlighting the growing popularity of decentralized exchanges.
Cryptocurrency founder and Bitcoin Cash (BCH) activist Roger Ver has spoken out in favor of the latest additions to SiennaSwap. “Maintaining privacy while enabling DeFi for Monero and Bitcoin is critical, and the Sienna network seems to be doing just that,” he said. Ver has long advocated for cryptocurrency-centric privacy tools and their role in promoting freedom.
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The crypto industry as a whole has been criticized for not making privacy a top priority. While the role of the media in confusing privacy with anonymity (and thus harmless behavior) is partly to blame, the developers of the new economy also preferred other priorities, such as security, decentralization, and scalability. While privacy-focused projects were heavily present in the 2017-2018 cryptocurrency market, the market crash in 2021 was largely fueled by DeFi, non-fungible tokens and, more recently, the concepts of GameFi and Metaverse.
The Sienna Network has confirmed that the confidentiality of financial transactions is not only a personal right, but also a legal obligation in Europe and the United States.